A fellow at MIT claims that Facebook’s Libra is based on his ideas.
Has Libra taken its structure from another currency?
The Open Science publication of the Royal Society has released a white paper in 2018. It is written by various members of MIT, including Fellow Alex Lipton. In the newspaper, Lipton describes an asset-supported, supranational digital token . This is related to the goals and ideals of Libra, which are said to be supported by various forms of fiat and short-term debts.
The cryptocurrency discussed in the white paper, also called Trade Coin, is also designed to streamline cross-border and domestic payments and provide financial resources for sub-bank populations.
Lipton says that these ideas are taken directly from his article and explains:
Without being particularly annoying, I can tell you that the actual structure of Libra is almost literally taken from the newspaper that Sandy Pentland and Thomas Hardjono and I published last year … The Libra people can’t really say they don’t have it read, or if they haven’t read that, they should probably not do what they do in the first place.
Libra has been hit with mountains of controversy since it first arrived. Members of the American congress, for example noted that there are late unanswered questions about the main goals of the project, and that Facebook cannot be trusted with the financial information of people after the Cambridge Analytica scandal.
They finally asked David Marcus – the head of the blockchain division of Facebook – and his team to further develop Libra until they can be sure that the cryptocurrency is secure. Marcus said he will do it satisfy the request.
This is also not the first time libra currency has been accused of tearing off someone else’s work. The cryptocurrency project is said to have taken over its logo from Current, a banking company in Northern California that says the company eventually stole his logo by with the same San Francisco-based design agency. The current logo consists of a blue, purple and pink circle around three wavy, purple lines. Libra has almost the same logo with different colors.
This is going to be a pattern …
And of course there is the original case Facebook himself, who was originally conceived by the Winklevoss Twins, the founders of New York Gemini Exchange. Both Cameron and Tyler Winklevoss claim that they originally conceived the concept for Facebook when they were still students at Harvard.
Colleague classmate Mark Zuckerberg – who later became the CEO for Facebook – was simply hired to perform coding tasks for the platform, as described in the Oscar-winning movie The Social Network. However, Zuckerberg ultimately brought the platform to life through his own vision and efforts, as a result of which the Winklevoss Twins is no longer in development